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May 15 - 21, 2009 14 www.independentweekly.com.au news AACo board faces beef with shareholder Trevor Chappell Some of the board members of beef producer Australian Agricultural Company (AACo) could be rolled by the company’s biggest shareholder, despite the offer of a peace deal last week. Dubai-based food group IFFCO Poultry Co, which owns 19.9 per cent of AACo, plans to not support the re-election of three members of the five-person board at the company’s annual general meeting in Brisbane on May 27. IFFCO will instead endorse two recent appointees to the AACo board as well as two other nominees the current board opposes. The move by IFFCO comes after the current AACo board members on May 8 said they would endorse the election of an IFFCO nominee, Arunas Paliulis, in a bid to establish a constructive relationship with IFFCO and extend the board to six members. The five current members – chairman Brett Heading, former acting chairman Charles Bright, Phillip Toyne and recent appointees Peter Hughes and Stephen Lonie – are standing for re-election or election at the upcoming AGM. Mr Paliulis is also standing for election, along with nominees Nick Burton Taylor and Chris Roberts. The current AACo board opposes the election of Mr Burton Taylor and Mr Roberts. Mr Burton Taylor was unseated as AACo chairman and dumped from the board in 2008, after AACo’s biggest shareholder at the time, Futuris Corporation - since renamed Elders – refused to support his re-election. Independent AACo directors Greg Paramor and Chris Roberts stood down from their positions in support of Mr Burton Taylor. – AAP Clean Seas’ capital idea majority control of the company as a result of a $10.9 million one-for-eight rights issue and $13.1 million placement announced this week. Before the raising the Stehr T family owned 54.65 per cent of the group. But its decision to cap its rights issue contribution at $5 million, combined with the dilution from the placement, means its stake will fall to 47.36 per cent. Both equity raisings will be at 55c per share. The company will raise about $23.9 million from the equity issues, providing initial funding for the commercialisation of aquaculture bred Southern Bluefin Tuna from its onshore breeding facility at Arno Bay in Tuna pioneeer raises $24 million for breeding bluefin “We have fish spawned by our he founders of Australian aquaculture pioneer Clean Seas Tuna will relinquish Spencer Gulf, South Australia – starting in December. Clean Seas chairman Hagen Stehr said the company’s successful spawning of Southern Bluefin Tuna over 35 days from March 12 and its subsequent production of SBT fingerlings had opened the door for commercial aquaculture production from the company’s next scheduled spawning in October and November. Sea cage growout of commercial quantities of SBT is likely to start next summer. “What we have achieved is a major breakthrough in aquaculture technologyand we anticipate even better results from our next spawning as a result of whatwe have learnt and continue to learn about husbandry procedures, diet and fingerling management,” Mr Stehr said. broodstock in March that are now 45 days old and more than 10cm in length. “We believe the tuna have the potential to reach 10kg in the first year, 20kg in the second year and up to 40kg in the third, although wemay elect to sell the first of our fish as early as July next year.” Mr Stehr said capital from the equity raisings would be primarily directed to infrastructure and working capital related to Clean Seas’ SBT business, allowing development of Australia’s first onshore SBT larval rearing facility at Arno Bay. Helmsec Global Capital acted as lead manager for the placement and the rights issue. The one-for- eight rights issue allows Clean Seas’ existing shareholders to further participate in the company’s growth plans. FREE Financial Planning Seminar Come along to a free seminar to understand how getting professional financial advice can help you achieve your goals – whatever the economic climate. Planning for your future should start today! Spaces are limited so reserve your place now! Tues 26 May 5.45pm – 7pm Marion Bowling Club – 262 Sturt Rd Marion Tues 26 May 5.45pm – 7pm Modbury Bowling Club – Jack High Lane Ridgehaven Wed 27 May 5.45pm – 7pm Professional Investment Services – Level 1/81 Fullarton Rd Kent Town To register call Jan on 8237 0520 Global crisis. Local Help. Financial Planning Week 25 – 31 May 2009 IW5341 Clean Seas chairman Hagen Stehr. Photo: James Knowler